Jordan Daily – Shayype Solutions Ltd, a British technology firm, is set to show off its innovative authentication technology at the 14th Special Operations Forces Exhibition and Conference (SOFEX 2024) this Tuesday.
The company’s groundbreaking solution promises to replace existing two-factor and multi-factor authentication systems with a more secure and user-friendly alternative.
The patented technology, already secured in the US and Europe, simplifies the process of generating and delivering one-time passcodes (OTPs) to users. Unlike traditional methods that rely on additional hardware or cumbersome apps, Shayype’s system embeds these codes within an on-screen numbered grid. Users retrieve the codes using pre-set patterns or shapes, eliminating the need for external devices, the company noted in a statement sent to the Jordan Daily.
Shayype’s technology also holds the potential to eliminate the need for passwords across various platforms, addressing a critical vulnerability in cybersecurity.
“For too long, the world has struggled with insecure methods of sending OTPs to users, including SMS, email, and authenticator apps,” said Jonathan Craymer, Founder and President of Shayype Solutions. “SMS is particularly problematic, as American security experts pointed out nearly a decade ago. Risks such as SIM swapping can divert codes to hackers, making this method far from secure.”
Craymer also criticized the use of email for OTPs, noting that email accounts can be easily compromised. He pointed out that authenticator apps, while more secure, are often too complex for widespread adoption. “We believe Shayype technology can replace these weak and cumbersome methods with something far more secure and user-friendly,” Craymer added. “In addition to enhancing security, our system will save banks and other organizations from paying fees to phone networks for OTP delivery.”
John Bullard, Director of Shayype Solutions, emphasized the strategic timing of the launch at SOFEX 2024. “SOFEX is the ideal platform for introducing our ultra-secure authentication technology,” Bullard said. “Given the focus on special operations forces, where secure communications are paramount, we are excited to showcase Shayype to those seeking to raise the authentication bar—whether in defense, banking, fintech, or government sectors.”
Shayype Solutions aims to release a minimum viable product (MVP) by the fourth quarter of 2024. The cloud-based system will be easy to integrate, requiring only a few lines of code for implementation. The technology’s core feature—a patented secret-sharing system—will store users’ pattern secrets in a database that is nearly impossible to hack. Trials have demonstrated that the system is intuitive and easy to use.
The team behind Shayype stresses that their technology is designed to enhance existing systems rather than replace them. Shayype acts as a reinforcing ingredient, boosting the efficiency of current technologies such as biometrics, the statement added.
